Home Credit warns against Product Loan and HCQWARTA to cash schemes
Home Credit warns against Product Loan and HCQWARTA to cash schemes.
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| Courtesy: Home Credit |
The company reminds the public to always stay vigilant, especially during this holiday season!
Only transact with authorized personnel or official platforms
Imagine being offered a seemingly quick and easy way to convert a Home Credit product loan or HCQWARTA credit limit into cash. It may sound tempting, but Home Credit Philippines (HCPH), the country’s leading consumer finance company, is urging customers to stay vigilant.
Some individuals have been approaching Home Credit customers who have pre-approved offers, presenting themselves as trustworthy and helpful. They may encourage a customer to avail a Home Credit Product Loan and then offer to buy the device in cash, sometimes at a higher price to make the offer more appealing.
Others go as far as offering to pay the down payment if the customer cannot afford it, even accompanying them to stores to gain their trust.
Another scheme involves scammers promoting the idea of converting the customer’s HCQWARTA credit limit into cash, assuring the customer that they will handle everything on their behalf.
While they seem harmless, these schemes are actually very dangerous.
Once the transaction is completed, the scammer disappears with the money or the device, leaving the loan under the customer’s name and responsibility.
There is also a legal dimension. Participating in "Home Credit Product Loan to Cash" or "HCQWARTA to Cash" schemes or allowing someone else to use your account or pre-approved loan offer is illegal under the Republic Act No. 12010, or the Anti-Financial Account Scamming Act (AFASA).
These activities are considered money muling, a type of financial account scamming, and can carry penalties of six to eight years in prison, fines ranging from PHP 100,000 to PHP 500,000, or both.
Customers can protect themselves by avoiding suspicious offers. Any attempt to convert a Home Credit product loan or HCQWARTA credit limit into cash should be treated as a red flag.
Customers are also reminded to use authorized channels only. Transactions should always be conducted through official Home Credit partner stores, the Home Credit App, or other approved payment channels.
Any suspicious activity should be reported immediately.
Any approach by individuals offering these schemes should be reported to Home Credit through:
- Email: info@homecredit.ph
- Globe: (02) 7753 5711
- PLDT: (02) 8424 6611
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